The Top 10 list is the headline tape — but the real pattern recognition comes from the full $500M+ layer: what buyers repeatedly paid for, where they used “up to” structures, and which therapeutic areas kept attracting check-writing.
This post includes the full 2025 $500M+ tracker as a downloadable dataset for BioBucks subscribers.
Built for people searching 2025 biotech M&A deals and the full $500M+ comp set.
Quick stats (full $500M+ tracker)
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Deals
41
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Total value
$161.7B
|
|
Median deal size
$2.0B
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Milestone-based
20 deals
(~49%)
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What the $500M+ tape is really saying
| • | Oncology still dominates dealflow — it’s the most frequent category in the $500M+ layer. |
| • | Commercial + late-stage drive the dollars — the biggest aggregate value clusters in de-risked assets, even while early-stage platform shots exist. |
| • | “Up to” structures are a feature, not a bug — buyers keep headline size high while pushing true payout behind execution. |
| • | Repeat buyers matter — a handful of strategics show up multiple times, which is useful for comp-setting and BD targeting. |
Subscriber download is next
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